Motor Insurance Premiums Fall for Young Drivers
Young British drivers will now be able to get on the road for less. According to the AA’s British Insurance Premium Index it now costs motor insurance for a young driver (between the age of 17 and 21) fell by 5.6 per cent last quarter in the UK. This has brought the average annual premium to a still hefty £2,294. This news should provide some respite to young drivers who are already hit with high petrol costs, expensive tuition for driver training and the cost of buying a used or new vehicle. Despite the fall in rates, insurance premiums for young drivers are still very high. This owes to the risks these drivers are on the road due to poor decision making and inexperience. Nonetheless, some have pointed to these premiums as being too high. There are further changes to come in this field as gender based pricing is due